Oil production expected to grow in Caspian region

Baku. In the next five years, oil production in the Caspian region will grow to 170 million tons per year, said Maksim Murashko, Director General of Transneft Service LLC.

He made the remarks at 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku, Trend reports.

He noted that at present, 150 million tons of oil are annually produced in the region. “As many as 116 million tons of oil are exported annually from the region,” he said. “The increase in production will also impact the volume of exports.”

The 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals started in Baku on April 22, 2019. Over 300 participants, including representatives of the biggest oil and gas companies, refineries, trading companies, ports, terminals, banks and analytical agencies attend the event annually.

The participants of the 4th SOCAR Forum discuss regional gas projects; potential imbalances in the global hydrocarbon market in 2019; new oil and gas fields in the region and their impact on trade flows and export routes; Caspian and Central Asian oil in a global context; and key export markets for the region’s refineries and trade flows.

Among other issues, trends in the global markets for petrochemical products including price trends, trade flows and technology development, and current state and prospects of Transcaucasian railway routes to the ports of Georgia are also reviewed.